Protonex Announces Preliminary Results

Protonex Technology Corporation, a provider of advanced fuel cell power systems for portable, remote and mobile applications, today announces its preliminary results for the year ended 30 September 2007.

2007 Financial Highlights

• 159% increase in revenue to $6.0 million (2006: $2.3 million)

• Successful secondary placing in April 2007 raising $26.5 million (net
proceeds)

• Secured largest contract to date: a $3.5 million product development
program from the U.S. Army

• Acquired and successfully integrated Mesoscopic Devices, a leading solid
oxide fuel cell and reformer technology company based in Colorado

• Strong year end financial position of $33.9 million in cash and cash
equivalents

2007 Development Highlights

• Publicly demonstrated a 250-watt power system fuelled by liquid methanol,
the Company's first commercial reformer-based fuel cell product

• Exceptional results achieved in long-duration unmanned aerial vehicle
(UAV) flights powered by Protonex fuel cells

• Teamed with Cummins to develop and deliver diesel-fuelled solid oxide fuel
cell systems for on- highway truck auxiliary power

• Enlisted Raytheon to test and optimise the functionality of a 250-watt
portable fuel cell power system for the U.S. Army

• Expansion of facilities in Massachusetts and Colorado to enable increased
capability in product development and manufacturing

Post Period End

• Created PTXU trading line to enable CREST electronic trading for eligible
unrestricted common shares of the Company

Commenting on the results, Scott Pearson, Chief Executive of Protonex
Technology Corporation said: "2007 was an important year for Protonex as the
Company experienced impressive growth and made significant progress in
virtually all areas of the business.

"The Company has moved considerably closer to launching its first commercial
product offerings and with our business continuing to develop on plan we
remain very positive about the future."

To view a copy of the full release, please go to
http://www.protonex.com/investors.html

Source: Fuel Cell Today